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Chief executive Mike Gallacher said it drew a clear line under the turnaround process.

“We now need to concentrate on the future,” he said.

“First Milk is a very different to the business of early 2015. We are a lean, focused and financially secure business capable of delivering a competitive milk price for the long term.

Support

“We have only been able to deliver the huge changes at First Milk because of the support of members. The business can deliver more for members and we will now get on with that.

“The role for a scale British Dairy Co-operative is even more compelling post Brexit and we aim to demonstrate this in the years ahead.”

Clive Sharpe, chairman, said: “This move sends a clear signal on the progress made by First Milk and returns our payment terms to normal for our members The Board recognises the huge role members have played in the turnaround of their co-op, and thank them for their continued support.”

It also confirmed it had ‘completed work on new long term financing arrangements’.